For fiscal 2018, the company’s revenues rose to $8.33 billion compared with the last fiscal’s figure of $7.25 billion.

Gross profit decreased 18.9% to $244.4 million from $301.3 million in fourth-quarter fiscal 2018. Moreover, gross profit margin decreased to 13% compared with 15.6% in the year-ago quarter.

The company’s actions for managing its input factors enabled it to overcome year-over-year rise in labor and warranty-related costs along with inflationary price increases in certain raw material and commodity-based components.

Thor’s quarterly results reflect actions taken to balance dealers’ inventory levels. The company’s reduced production levels, along with increased promotional costs and solid retail demand, have enhanced its dealers’ inventory at the start of the new fiscal.

Segment Results

Sales of Towable RVs went down 13.2% year over year to $1.14 billion. Pre-tax income slumped 28.3% year over year to $109.2 million. The slump was due to elevated dealers’ inventory levels at certain locations, more normalized pre-Open House order pattern compared with the prior year and capacity expansion, leading to increased production and quicker delivery.

Sales from Motorized RVs declined 13.2% year over year to $421.3 million. Pre-tax income from the segment fell 32.1% year over year to $20.8 million.

Financial Position

As of Jul 31, 2018, Thor had cash and cash equivalents of $275.2 million, up from $223.3 million in the same period last fiscal. Long-term debt was nil as of Jul 31, 2018, compared with $145 million recorded on Jul 31, 2017.

At the end of fiscal 2018, Thor’s operating cash inflow increased to $466.5 million compared with $419.3 million during the same period in the previous fiscal.

PACCAR has an expected long-term growth rate of 10.8%. Over the past three months, shares of the company have gained 16.6%.

Honda has an expected long-term growth rate of 3%. Shares of the company have increased 0.2% in the past three months.

Oshkosh has an expected long-term growth rate of 18.3%. Over the past three months, shares of the company have gained 9.1%.

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